Samvardhana Motherson International, via its 100% subsidiary Samvardhana Motherson Automotive Systems Group BV (SMRPBV), has entered into an agreement to acquire assets and shares of the Dr Schneider Group entities from the insolvency administrator, Dr Joachim Exner.
Dr Schneider Group manufactures high-end, innovative, and integrated electronic interior polymer components and systems, such as smart surfaces and lighting modules. The company is a technology leader in air vents, decorative interior polymer components with illumination and has a strong presence in premium vehicles. It employs about 4,500 people in seven facilities across five countries - Germany, Spain, Poland, the US and China. It reported a revenue of around € 472 million in CY22. The company filed for insolvency in September 2022 due to an unsuccessful operational and financial restructuring.
As per the company, there are many synergies between Motherson and Dr Schneider. With this acquisition, the former will also gain access to innovative electronic interior polymer components and can offer these innovations and technologies to other emerging countries and medium-segment customers by leveraging its existing global footprints and customer relationships.
The overall enterprise value of this transaction is approximately €118.3 million, subject to certain actualisation. The deal is expected to be closed by Q3FY24, subject to customary closing conditions and receipt of required regulatory approvals.
Vivek Chaand Sehgal, Chairman, Motherson said, ''We have been trusted upon by our customer to take over this business. With their continued support, we believe we will be able to turnaround this business like we have done every time in the past. We see a lot of synergies and untapped potential in this business, specially on the R&D side.'